Furnace: Repair or Replace, The Big Question

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How do I know if it makes sense to repair my furnace or if I am better off replacing it?  The first thing to ask your contractor for is a 5 year analysis of the cost of keeping your existing furnace in operation versus the cost of replacing it now with a high efficiency furnace. Any contractor worth dealing with should be able to provide you with this analysis. They would calculate the cost of this repair you are facing together with the average yearly cost to keep your furnace going and the energy it will use. They will then compare it to the cost of a new furnace over 5 years and see what makes most sense. Even if you choose to finance the new furnace, they can factor in the financing costs in this analysis.

This analysis will give you a clear idea of what is best for you and allow you to make the best decision for yourself, rather than rely on what is best for your contractor at the time.

Please visit this article and calculator from Energy Star to give you some additional pointers to help you make the right decision.

Also see the article in The Toronto Star by clicking on it at the side of this page.

You might also want to read this article.

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